The film opens with a New York montage, as a voiceover in mock period style introduces the story of "a romantic hardworking New Yorker, an independent girl who wants nothing more than to put her feet up and marry a handsome millionaire."
Betty Boop is a girl who is adored by her neighborhood and courted by Freddie the iceman, but who dreams of moving in high society and achieving "personal greatness".
Betty sells shoes by day and performs at Club Bubbles by night.
Uncle Mischa Bubble, the Russian owner of the club, is threatened by mob boss Johnny Throat and his two henchmen because he cannot pay his debts.
Betty sings "I Wanna Be Loved By You" to attract the attention of Waldo Van Lavish, a millionaire playboy.